Permian Resources Corporation $PR Holdings Boosted by Retirement Systems of Alabama

Retirement Systems of Alabama raised its stake in shares of Permian Resources Corporation (NYSE:PR) by 6.1% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 863,894 shares of the company’s stock after acquiring an additional 49,860 shares during the period. Retirement Systems of Alabama owned approximately 0.10% of Permian Resources worth $18,245,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Unison Advisors LLC grew its stake in shares of Permian Resources by 0.8% in the third quarter. Unison Advisors LLC now owns 50,003 shares of the company’s stock worth $1,056,000 after acquiring an additional 414 shares during the period. Bessemer Group Inc. lifted its position in Permian Resources by 21.3% during the first quarter. Bessemer Group Inc. now owns 3,537 shares of the company’s stock valued at $76,000 after purchasing an additional 621 shares during the period. Quadrant Capital Group LLC boosted its holdings in Permian Resources by 1.6% in the third quarter. Quadrant Capital Group LLC now owns 40,003 shares of the company’s stock worth $845,000 after purchasing an additional 635 shares during the last quarter. Profund Advisors LLC boosted its holdings in Permian Resources by 5.0% in the third quarter. Profund Advisors LLC now owns 15,408 shares of the company’s stock worth $325,000 after purchasing an additional 729 shares during the last quarter. Finally, ProShare Advisors LLC boosted its holdings in Permian Resources by 2.5% in the third quarter. ProShare Advisors LLC now owns 31,829 shares of the company’s stock worth $672,000 after purchasing an additional 781 shares during the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Stock Up 2.7%

Shares of PR stock opened at $22.32 on Thursday. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.22. Permian Resources Corporation has a 12 month low of $13.18 and a 12 month high of $26.07. The stock has a market cap of $18.69 billion, a P/E ratio of 11.62 and a beta of 0.62. The company has a 50 day simple moving average of $23.28 and a two-hundred day simple moving average of $20.64.

Permian Resources (NYSE:PR) last issued its quarterly earnings results on Wednesday, November 4th. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.08. Permian Resources had a net margin of 25.04% and a return on equity of 15.56%. The business had revenue of $1.96 billion for the quarter, compared to analysts’ expectations of $1.78 billion. During the same quarter last year, the company posted $0.08 EPS. The company’s revenue was up 48.1% compared to the same quarter last year. On average, research analysts expect that Permian Resources Corporation will post 2.62 earnings per share for the current year.

Permian Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 31st. Investors of record on Thursday, December 17th will be issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend is Thursday, December 17th. Permian Resources’s dividend payout ratio (DPR) is currently 33.33%.

Wall Street Analyst Weigh In

PR has been the subject of a number of research analyst reports. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $34.00 target price on shares of Permian Resources in a research report on Monday, November 2nd. Truist Financial increased their price target on Permian Resources from $24.00 to $28.00 and gave the company a “buy” rating in a report on Monday, October 12th. Susquehanna raised their price target on Permian Resources from $25.00 to $30.00 and gave the stock a “positive” rating in a research note on Tuesday, October 20th. Wall Street Zen lowered Permian Resources from a “strong-buy” rating to a “buy” rating in a report on Saturday, November 7th. Finally, Stifel Nicolaus started coverage on Permian Resources in a report on Thursday, September 10th. They issued a “buy” rating and a $30.00 price objective for the company. Five investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $26.61.

Insider Buying and Selling

In related news, EVP Guy M. Oliphint sold 5,103 shares of Permian Resources stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total transaction of $121,196.25. Following the transaction, the executive vice president directly owned 537,400 shares in the company, valued at approximately $12,763,250. The trade was a 0.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP John Bell sold 5,492 shares of the business’s stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total value of $130,435.00. Following the sale, the executive vice president directly owned 1,561,680 shares of the company’s stock, valued at $37,089,900. This represents a 0.35% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 15,699 shares of company stock valued at $372,851. 5.00% of the stock is owned by company insiders.

Permian Resources Profile

Permian Resources Corporation is an independent oil and natural gas company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Its operations are concentrated in the Delaware Basin, part of the Permian Basin in West Texas and southeastern New Mexico. The company develops its acreage through drilling and related production activities, with a focus on operating and expanding its position in the Delaware Basin. Its production is sold into energy markets and used across a range of industrial and consumer applications.